Our performance in 2009 - Sappi

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30. Financial instruments continued Liquidity risk management – September 2008 Financial assets Total financial assets and liabilities Fair value of financial instruments 0 – 6 months 6 – 12 months 2009 annual report Undiscounted cash flows 1 – 2 years 2 – 5 years > 5 181 years Total Other non-current assets 44 44 12 – 14 5 6 37 Non-current derivative financial assets 76 76 38 10 37 – 1 86 Receive leg 186 35 211 127 8 567 Pay leg (148) (25) (174) (127) (7) (481) Trade and other receivables 626 626 609 17 – – – 626 Current derivative financial assets 4 4 5 – – – – 5 Receive leg 335 – – – – 335 Pay leg (330) – – – – (330) Cash and cash equivalents 274 274 257 17 – – – 274 Financial liabilities 921 44 51 5 7 1,028 Interest-bearing borrowings 1,832 1,719 57 55 186 1,658 762 2,718 Non-current derivative financial liabilities 1 1 – – – – 1 1 Pay leg – – – – 1 1 Receive leg – – – – – – Other non-current liabilities – – – – – – Interest-bearing borrowings 821 821 709 128 – – – 837 Overdraft 26 26 26 – – – – 26 Current derivative financial liabilities 24 24 23 – – – – 23 Pay leg 578 – – – – 578 Receive leg (555) – – – – (555) Trade and other payables 756 756 695 42 – – – 737 1,510 225 186 1,658 763 4,342 Liquidity gap (589) (181) (135) (1,653) (756) (3,314) financials
182 Notes to the group annual financial statements continued 30. Financial instruments continued Derivative financial instruments with maturity profile The following tables indicate the different types of derivative financial instruments for 2009 and 2008, included within the various categories on the face of the balance sheet. The reported maturity analysis is calculated on an undiscounted basis. Classes of financial instruments Total September 2009 Fair value hedge Cash flow hedge Maturity analysis Undiscounted cash flows 6M 1Y 2Y 5Y Assets Fair value of derivatives by risk factor Interest rate risk Interest rate swaps 10 10 – 10 – – – – receiving leg 130 130 – 130 – – – – paying leg (120) (120) – (120) – – – – Foreign exchange risk FX forward contracts 10 – – 11 – – – – receiving leg 260 – – 262 – – – – paying leg (250) – – (251) – – – – Liabilities Fair value of derivatives by risk factor Interest rate risk Interest rate swaps 24 – 24 1 1 2 17 1 paying leg 453 – 453 19 19 38 425 1 receiving leg (429) – (429) (18) (18) (36) (408) – Foreign exchange risk FX forward contracts 14 – – 14 – – – – paying leg 619 – – 620 – – – – receiving leg (605) – – (606) – – – –
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SAPPI GROUP (Sappi Limited) ANNUAL
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• the impact of future investment
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Our reporting strategy As a leading
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1 2 North America 2 4 1 San Francis
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4 Our performance in 2009 Financial
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6 Our performance against financial
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8 Our performance against sustainab
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10 Our performance against sustaina
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12 Our performance against sustaina
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14 Our sustainable business cycle T
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16 Our products 1 2 3 Coated paper
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Our objectives for 2010 Improve pro
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20 Letter to shareholders continued
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22 Letter to shareholders continued
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24 Interview with Ralph Boëttger,
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26 Our leadership Independent non-e
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28 Our leadership continued Indepen
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30 Review of operations Sappi Fine
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32 Review of operations | Sappi Fin
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34 Review of operations | Sappi Fin
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36 Review of operations Sappi Fores
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38 Review of operations | Sappi For
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40 Value added statement for the ye
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42 Chief financial officer’s repo
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62 Five-year review for the year en
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64 Share statistics at September 20
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Risk management Global economic con
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Risk philosophy The Sappi Limited b
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Independence Accountability Given t
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Fairness Social responsibility Lege
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2009 annual report 75 Induction and
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2009 annual report 77 employment of
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2009 annual report 79 board to esta
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As part of continuous improvement t
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Compensation report In 2009, the co
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Balance between fixed and variable
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Executive directors (1) Details of
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2009 annual report 89 R J Boëttger
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2009 annual report 91 Board Committ
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Auditor’s report Independent audi
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Audit committee report The legal re
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Directors’ report for the year en
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Litigation We become involved from
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Group balance sheet at September 20
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Group statement of changes in equit
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Group balance sheet in Rands conven
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Notes to the group annual financial
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• Financial assets and financial
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2.2.10 Non-current assets held for
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(iii) Dividends Dividends are recog
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uyer and seller) multiple used in o
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2.4 Adoption of accounting standard
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Corporate and eliminations Group 20
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2009 annual report US$ million 2009
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6. Taxation (benefit) charge contin
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7. Earnings per share and headline
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2009 annual report 9. Property, pla
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US$ million 2009 annual report 2009
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Page 202 and 203: 2009 annual report Notes to the con
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Page 206 and 207: not be comparable with similarly ti
Page 208 and 209: No issue and/or sale of these share
Page 210 and 211: Notes Confirmation of appointment o
Page 212 and 213: Proxy form for annual general meeti
Page 214 and 215: forward-looking statements Certain
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Our performance in 2009 - Sappi

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